Cookson open offer for 20% Foseco India stake

Cookson Group Plc has made an open offer to Foseco India, a manufacturer of metallurgical products, for acquiring 20% equity stake in the company. The offer will open on December 5, 2007 and will close on December 24, 2007. DSP Merrill Lynch is manager to the offer. The offer price has been fixed at Rs 420 per share.

Originally called Greaves Foseco, Foseco India was set up in March 22, 1958 as a 50:50 JV between Greaves, a Thapar Group company, and Foundry Services (Holdings) (now called Foseco), a Burmah Castrol firm.

The company's market covers integrated steel plants like Sail and Tisco, mini mills like Mukand, Kalyani and Musco; and foundries like Ennore Foundries, Lakshmi Machine Works, etc. The company also exports its products mainly to Middle East, Far East, Sri Lanka, Nepal, Kenya, Ghana, Bangladesh, Singapore and Taiwan. In 2005, Foseco was again floated on the London Stock Exchange.